Common use of Provisions for Payment Clause in Contracts

Provisions for Payment. (i) Upon execution of this Agreement, Coltec shall deposit $9,000,000 (the "ESCROW PROPERTY") in an account to be held and administered by the Escrow Agent pursuant to the terms of the Escrow Agreement. (ii) When either party is entitled to payment from the other under this Section 4.01, such amount shall be payable from the Escrow Property pursuant to the terms of the Escrow Agreement. If the Escrow Property is depleted, the party to be paid shall recover any amounts directly from the party who is obligated to pay and such amounts (A) shall be paid within five Business Days following (x) the date the Controller of ▇▇▇▇▇▇▇▇ finally determines the amount to be paid pursuant to Section 4.01(a) or, (y) the date notice is provided by ▇▇▇▇▇▇▇▇ that it will exercise its option pursuant to Section 4.01(b), Section 4.01(c) or Section 4.01(d), (B) shall be paid by wire transfer in immediately available funds to an account designated by the payee, and (C) if paid after June 1, 2002, shall include interest on such amount at the rate of one percent per month, compounded daily from June 1, 2002 until the payment date.